{
  "title": "Vanuatu: 2025 Article IV Consultation-Press Release; and Staff Report",
  "publication": "IMF Staff Country Reports, September 25, 2025",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2025/09/25/vanuatu-2025-article-iv-consultation-press-release-and-staff-report-570700",
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  "summary": "Vanuatu has faced a perfect storm of shocks. The national carrier, Air Vanuatu, went into liquidation in May 2024, the capital city experienced a major earthquake in December 2024, Economic Citizenship Program revenues remain at risk, and the export sector is grappling with an uncertain global environment. Following Parliament dissolution in November 2024, the government elected in January 2025 committed to strengthening political stability, rebuilding critical infrastructure, enhancing revenue collection, and improving public sector efficiency. Near-term challenges are paramount, as is setting the country on a path of sustainable and resilient policies over the medium-term. Modest growth is expected in 2025 while post-earthquake reconstruction may foster an improved outlook for 2026; risks are skewed downward. Structural vulnerabilities related to governance, corruption, and natural disasters persist.",
  "publishDate": "2025-09-25",
  "series": "IMF Staff Country Reports",
  "sections": [
    {
      "heading": "Major shocks and recent developments",
      "content": "- Air Vanuatu went into liquidation in May 2024.\n- The capital city experienced a major earthquake in December 2024.\n- Economic Citizenship Program revenues remain at risk.\n- The export sector is grappling with an uncertain global environment.\n- Parliament was dissolved in November 2024; a government elected in January 2025 committed to:\n  - strengthening political stability,\n  - rebuilding critical infrastructure,\n  - enhancing revenue collection,\n  - improving public sector efficiency."
    },
    {
      "heading": "Macroeconomic outlook and risks",
      "content": "- Near-term challenges are paramount; modest growth is expected in 2025.\n- Post-earthquake reconstruction may foster an improved outlook for 2026.\n- Risks are skewed downward."
    },
    {
      "heading": "Structural vulnerabilities and constraints",
      "content": "- Persistent structural vulnerabilities related to governance, corruption, and natural disasters.\n- Fiscal and external considerations highlighted by subject tags: Debt sustainability analysis, External debt, Public debt, Natural disasters, Environment."
    },
    {
      "heading": "Policy priorities and recommendations (as emphasized by the report)",
      "content": "- Strengthen political stability to support policy implementation.\n- Prioritize rebuilding critical infrastructure to support recovery and growth.\n- Enhance revenue collection to bolster fiscal buffers.\n- Improve public sector efficiency to address governance and control environment weaknesses.\n- Address risks to Economic Citizenship Program revenues and exposure from the national carrier liquidation.\n\n---\n\n Content in this bundle\n\n- 1. Real Sector Developments\n  - 1. Real Sector Developments (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1. Real Sector Developments (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/cr/issues/2025/09/25/vanuatu-2025-article-iv-consultation-press-release-and-staff-report-570700"
    }
  ],
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    "Published: September 25, 2025",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9798229026833.002",
    "Air Vanuatu went into liquidation in May 2024.",
    "The capital city experienced a major earthquake in December 2024.",
    "Economic Citizenship Program revenues remain at risk.",
    "The export sector is grappling with an uncertain global environment.",
    "Parliament was dissolved in November 2024; a government elected in January 2025 committed to:",
    "Near-term challenges are paramount; modest growth is expected in 2025.",
    "Post-earthquake reconstruction may foster an improved outlook for 2026.",
    "Risks are skewed downward.",
    "Persistent structural vulnerabilities related to governance, corruption, and natural disasters.",
    "Fiscal and external considerations highlighted by subject tags: Debt sustainability analysis, External debt, Public debt, Natural disasters, Environment.",
    "Strengthen political stability to support policy implementation.",
    "Prioritize rebuilding critical infrastructure to support recovery and growth.",
    "Enhance revenue collection to bolster fiscal buffers.",
    "Improve public sector efficiency to address governance and control environment weaknesses.",
    "Address risks to Economic Citizenship Program revenues and exposure from the national carrier liquidation.",
    "**1. Real Sector Developments**"
  ],
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